We recently compiled a list of 15 AI news not to be missed.In this article, we’ll take a look at where Alphabet Inc. (NASDAQ: GOOG) stacks up to other AI stocks.
According to a new report from Bloomberg Intelligence (BI)The generative AI market is expected to grow rapidly, expected to reach $1.3 trillion over the next decade. The market is expected to grow at a CAGR of 42%, initially fueled by training infrastructures and gradually shifting to inference devices for large language models (LLM), digital advertisements, specialized software and services in the medium to long term . Growing demand for generative AI products could generate an additional $280 billion in new software revenue, driven by specialized assistants, new infrastructure products and co-pilots that speed up coding.
“The world is poised to witness an explosion of growth in generative AI over the next decade that promises to fundamentally change the way the technology industry operates. Technology is set to become an increasingly essential part of IT spending, advertising spending and cybersecurity as it grows.”
The world of AI continues to vibrate with recent advances and breakthroughs. On October 29, Linkedin Corporate Communications announced the launch of its first-ever AI agent called Hiring Assistant, developed to take care of a recruiter’s most repetitive tasks so developers can focus on the most impactful work . The company also rolled out a new coaching feature in LinkedIn Learning to help learners practice their people skills through interactive scenarios using text or voice.
Separately, Securiti, the pioneer in data security, privacy, governance and compliance, announced Tuesday that it has integrated Nvidia’s NIM microservices into its Securiti Gencore AI solution, enabling users across industries to easily create and quickly secure enterprise-grade solutions. generative AI systems, co-pilots and AI agents by securely using proprietary enterprise data in various data systems and applications.
Medicine is another area where AI is generating significant advances. Tuesday October 29, the biotechnology company Iambic Therapeutics revealed that it had developed a revolutionary artificial intelligence model. This model can radically reduce the time and money needed to develop new drugs. Its new AI drug discovery model is called Enchant, with a published white paper revealing how Enchant demonstrates a high degree of accuracy when predicting how well the human body would absorb certain drugs.
Asia is also making strides to lead the AI race. The Korea Advanced Institute of Science and Technology (KAIST) has unveiled a new artificial intelligence method to accelerate quantum calculations. Professor Yong-Hoon Kim’s team from the School of Electrical Engineering achieved a world first; successfully accelerate electronic structure calculations in quantum mechanics using a convolutional neural network (CNN) model.
Our methodology
For this article, we selected AI stocks by combing through news articles, stock analyzes and press releases. These stocks are also popular among hedge funds.
Why are we interested in stocks that hedge funds are piling into? The reason is simple: our research has shown that we can outperform the market by imitating the stocks selected by the best hedge funds. Our quarterly newsletter strategy selects 14 small and large cap stocks each quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).
A laptop and a phone open to Google services on a daily basis.
Number of hedge fund holders: 165
Alphabet Inc. (NASDAQ: GOOG) is an American multinational technology conglomerate holding company that owns 100% of Internet giant Google, as well as other companies. Its subsidiary Google has been exploiting artificial intelligence technology for years.
On October 28, Alphabet Inc.’s (NASDAQ: GOOG) Google revealed that it would launch its “AI Previews” in more than 100 countries this week. They also made them accessible in more languages, helping users search in a new way. Currently supported languages include English, Hindi, Indonesian, Japanese, Portuguese, and Spanish. AI Previews, launched in May, uses generative AI in Google searches and provides an AI-generated snapshot and links for further exploration. According to Google, this expansion will expand its user base to more than 1 billion users worldwide each month.
“So now, in our biggest expansion yet, we’re launching AI Previews in more than 100 countries and making them available in more languages, helping you search in a whole new way , whatever the issues that concern you.”
Overall GOOG ranks 6th Among AI stocks, investors should not miss out. While we recognize the potential of GOOG as an investment, our conviction lies in the belief that certain AI stocks hold more promise in terms of higher returns and in a shorter time frame. If you’re looking for an AI stock that’s more promising than GOOG but is trading at less than 5x earnings, check out our report on cheapest AI stock.
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